BAT says its 2025 results remain on track, now expecting about 2 percent revenue and operating profit growth for the year, supported by strong U.S. momentum and accelerating New Category performance. Velo Plus continues to grow rapidly in the U.S., Vuse shows early improvement as authorities crack down on illicit vapour products, and Velo remains the fastest-growing global New Category.

While AME performs well, APMEA is weighed down by regulatory and fiscal challenges. BAT maintains confidence in its 2026 outlook and announced a £1.3 billion share buyback for next year, supported by strong cash generation and continued progress in reducing leverage.